Edan Yago is the founder of CementDAO , an effort to bring together stablecoins into a unified ecosystem. He previously was the CEO and co-founder of software firm Epiphyte and helped set up the industry associations DATA and the Stablecoin Foundation. The views expressed here are his own. —————————- The U.S. Securities and Exchange Commission (SEC) has been gone to significant lengths in an attempt to understand the crypto asset space. This effort is to be applauded. However, the SEC has failed to come to terms with one fundamental aspect of crypto assets and systems. Namely, properly constructed crypto systems do not involve “persons” or “entities” and do not represent a form of property. For this reason, they do not have any analogue in the traditional financial world, nor can they fall under financial regulation. In the traditional financial world, assets are a claim on a specific property. For example, a commodity, shares in a company or a debt owed. Crypto asset
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